Les incitations à la gestion des résultats des sociétés absorbantes. Le cas des fusions-absorptions françaises

Jennifer Boutant and Marie-Anne Verdier

Revue française de gestion, 2015, vol. N° 252, issue 7, 33-50

Abstract: This paper investigates factors influencing earnings management in absorbing firms? during statutory mergers. Based on a sample composed of 107 French listed firms, it shows that upward earnings management is more important when (1) a risk of control dilution for dominant shareholders exists, (2) absorbing firms? shareholders are the initiator of the deal and (3) the market values is used to fix the exchange ratio. On the contrary, the direct use of earnings criteria induces more conservative behaviour of managers

Date: 2015
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